Neumora (NASDAQ: NMRA) trims Q1 2026 loss and funds runway into Q3 2027
Rhea-AI Filing Summary
Neumora Therapeutics reported first quarter 2026 results, highlighting lower operating expenses and an extended cash runway as it advances its neuroscience pipeline. Research and development expenses fell to $38.6 million from $52.2 million a year earlier, while general and administrative expenses decreased to $14.3 million from $18.8 million.
Net loss narrowed to $53.5 million, compared with $68.0 million in the first quarter of 2025, with loss per share improving to $0.30 from $0.42. Neumora ended March 31, 2026 with $147.1 million in cash and cash equivalents, which it expects will fund its operating plan into the third quarter of 2027 while it progresses navacaprant, NMRA‑511, NMRA‑898 and NMRA‑215 through key clinical milestones.
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Insights
Neumora cuts quarterly cash burn and extends runway into Q3 2027.
Neumora Therapeutics reported a first quarter 2026 net loss of $53.5 million, improved from $68.0 million a year earlier, as total operating expenses declined from $70.9 million to $52.9 million. Both R&D and G&A were lower, indicating tighter cost control during key late-stage trial execution.
Cash and cash equivalents were $147.1 million as of March 31, 2026, and the company expects this to fund operations into the third quarter of 2027. That horizon covers multiple anticipated readouts, including KOASTAL‑2 and ‑3 navacaprant data in Q2 2026 and NMRA‑511 and NMRA‑898 data in the second half of 2026.
Management also highlighted plans to move NMRA‑511 into a Phase 2 study and NMRA‑215 into the clinic in 2027. Actual outcomes from these trials will be critical for long-term value, but the current update mainly clarifies spending levels and confirms the cash runway through upcoming milestones.
8-K Event Classification
Key Figures
Key Terms
KOASTAL-2 medical
multiple ascending dose (MAD) medical
Phase 1b medical
NLRP3 Inhibitor medical
Alzheimer’s disease agitation medical
clinical-stage biopharmaceutical company financial
Earnings Snapshot
The company expects its cash and cash equivalents as of March 31, 2026 to fund its operating plan into the third quarter of 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Neumora Therapeutics, Inc. (“Neumora” or the “Company”) announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including the attached Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
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Description |
99.1 |
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Press Release dated May 7, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NEUMORA THERAPEUTICS, INC. |
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May 7, 2026 |
By: |
/s/ Michael Milligan |
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Michael Milligan |
Exhibit 99.1
Neumora Therapeutics Reports First Quarter 2026 Financial Results and Provides Business Update
KOASTAL-2 and -3 studies evaluating navacaprant in major depressive disorder on track for joint topline readout in the second quarter of 2026
Progressing NMRA-511 in Alzheimer’s disease agitation and NMRA-898 in schizophrenia with clinical data expected for each program in the second half of 2026
Strong financial position with $147.1 million in cash and cash equivalents expected to support operations into the third quarter of 2027
WATERTOWN, Mass., May 7, 2026 – Neumora Therapeutics, Inc. (Nasdaq: NMRA), a clinical-stage biopharmaceutical company with a therapeutics pipeline consisting of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases, today announced financial results for the first quarter ended March 31, 2026, and provided a business update.
“We focused on steady execution during the first quarter, highlighted by the full enrollment of the navacaprant KOASTAL‑2 and ‑3 studies with more than 400 patients per study. We look forward to the topline readout of these studies this quarter,” said Paul L. Berns, chairman and chief executive officer, Neumora. “Additionally, we reported the Phase 1b study with NMRA-511 demonstrating an unsurpassed clinical effect in Alzheimer’s disease agitation and we remain on track to report data from the MAD expansion cohort in the second half of 2026, with a Phase 2 study anticipated to begin in the first quarter of 2027.”
“The Phase 1 study for NMRA‑898 is ongoing, with data expected in the second half of 2026, and we are advancing NMRA‑215, which is expected to enter the clinic in the first quarter of 2027, reflecting the breadth and continued momentum of our pipeline. With a strong balance sheet, we believe we are well positioned to execute on these planned milestones and to continue progressing our portfolio in a disciplined manner,” continued Mr. Berns.
KEY PIPELINE HIGHLIGHTS
Navacaprant (Kappa Opioid Receptor Antagonist): Joint KOASTAL-2 and -3 Readout Expected in Second Quarter of 2026
The KOASTAL-2 and -3 studies were fully enrolled in the first quarter of 2026 with more than 400 patients in each study. The Company expects a joint topline data readout for KOASTAL-2 and -3 in the second quarter of 2026, including topline data for each study as well as pre-specified analyses with more than 450 patients enrolled after study optimizations in early 2025.
NMRA-511 (Vasopressin 1a Receptor Antagonist): On Track to Report Data from MAD Expansion Cohort in Alzheimer’s Disease (AD) Agitation in Second Half of 2026
In the first quarter of 2026, Neumora announced results from its Phase 1b signal-seeking study of NMRA-511 demonstrating an unsurpassed effect size and a favorable tolerability and safety profile with no reports of somnolence or sedation in people with AD agitation. Neumora plans to report data from a multiple ascending dose (MAD) expansion cohort evaluating higher doses of NMRA-511 in the second half of 2026 and to initiate a Phase 2 study with NMRA-511 in Alzheimer's disease agitation in the first quarter of 2027.
NMRA-898 (M4 Positive Allosteric Modulator): Phase 1 Data Expected in Second Half of 2026
Neumora is conducting a MAD study with NMRA-898 in healthy volunteers and patients with stable schizophrenia. The goal of the study is to identify a maximum tolerated dose of NMRA-898 and confirm central nervous system penetration via cerebrospinal fluid exposure. The Company expects to report data from the study in the second half of 2026.
NMRA-215 (NLRP3 Inhibitor): Preclinical Work Ongoing; Program Update Expected in the Second Half of 2026
Neumora is developing NMRA-215 for the treatment of obesity. The Company expects to provide a program update in the second half of 2026 and for the program to enter the clinic in the first quarter of 2027.
FIRST QUARTER 2026 FINANCIAL RESULTS
About Neumora
Neumora Therapeutics, Inc. is a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by taking a fundamentally different approach to the way treatments for brain diseases are developed. Our therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. Neumora’s mission is to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements about Neumora Therapeutics, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including statements related to: Neumora’s intention to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients; the timing, progress and plans for its therapeutic development programs, including the timing of clinical trial initiation and data readouts, including for the KOASTAL-2 and KOASTAL-3, NMRA-215, NMRA-511 and NMRA-898 studies; support for continued development, and upcoming milestones and catalysts; expectations and projections regarding future operating results and financial performance, including the sufficiency of its cash resources and expectation of the timing of its cash runway; and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Other than statements of historical facts, all statements contained in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause the actual results to be materially different from the information expressed or implied by these forward-looking statements, including, among others: comparisons to efficacy results from other sponsors should be interpreted with caution due to differences in compounds, study designs, subject characteristics, and other factors that may limit direct comparability; the risks related to the inherent uncertainty of clinical drug development and unpredictability and lengthy process for obtaining regulatory approvals; risks related to the timely initiation and enrollment in our clinical trials; risks related to our reliance on third parties, including CROs; risks related to serious or undesirable side effects of our therapeutic candidates; risks related to our ability to utilize and protect our intellectual property rights; and other matters that could affect sufficiency of capital resources to fund operations. For a detailed discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Neumora’s business in general, please refer to the risk factors identified in the Company’s filings with the Securities and Exchange Commission (SEC), including but not limited to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 which was filed with the SEC on or about the date hereof. Forward-looking statements speak only as of the date hereof, and, except as required by law, Neumora undertakes no obligation to update or revise these forward-looking statements. Our results for the quarter ended March 31, 2026 are also not necessarily indicative of our operating results for any future periods.
Financial Tables
NEUMORA THERAPEUTICS
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share amounts)
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Three Months Ended |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
38,598 |
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$ |
52,151 |
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General and administrative |
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14,266 |
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18,785 |
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Total operating expenses |
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52,864 |
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70,936 |
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Loss from operations |
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(52,864 |
) |
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(70,936 |
) |
Other income (expense): |
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Interest income |
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1,231 |
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3,074 |
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Interest expense |
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(1,854 |
) |
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— |
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Other income (expense), net |
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59 |
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(25 |
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Total other income (expense) |
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(564 |
) |
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3,049 |
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Net loss before income taxes |
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(53,428 |
) |
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(67,887 |
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Provision for income taxes |
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30 |
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105 |
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Net loss |
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$ |
(53,458 |
) |
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$ |
(67,992 |
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Other comprehensive loss: |
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Unrealized loss on marketable securities |
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— |
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(65 |
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Comprehensive loss |
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$ |
(53,458 |
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$ |
(68,057 |
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Net loss per share, basic and diluted |
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$ |
(0.30 |
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$ |
(0.42 |
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Weighted-average shares outstanding, basic and diluted |
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179,872 |
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161,451 |
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Unaudited Condensed Consolidated Balance Sheets
(in thousands)
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March 31, |
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December 31, |
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Cash and cash equivalents |
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$ |
147,072 |
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$ |
182,530 |
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Total assets |
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$ |
153,877 |
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$ |
191,047 |
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Total liabilities |
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$ |
83,197 |
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$ |
87,176 |
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Total stockholders’ equity |
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$ |
70,680 |
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$ |
103,871 |
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Neumora Contact
Helen Rubinstein
617-402-5700
Helen.Rubinstein@neumoratx.com